China’s foreign trade to be $6 trn in 2021, weak global recovery issue

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China’s foreign trade is expected to reach $6 trillion for 2021, a rise of $1.3 trillion compared with 2020, according to vice minister of commerce Ren Hongbin, who recently cautioned that some ‘unprecedented’ difficulties in stabilising foreign trade in 2022 linger due to a weak global recovery, chip and container shortages, and rising raw material costs.

Other challenges include the rising currency exchange rate of the Chinese yuan, which may also put additional burden on enterprises.

While the foreign trade is forecast to come to a new level this year, bucking the global trend, the commerce ministry said there are still unprecedented challenges ahead for stabilising foreign trade growth in 2022.

China’s foreign trade is expected to reach $6 trillion for 2021, a rise of $1.3 trillion compared with 2020, according to vice minister of commerce Ren Hongbin, who recently cautioned that some ‘unprecedented’ difficulties in stabilising foreign trade in 2022 linger due to a weak global recovery, chip and container shortages, and rising raw material costs.

From January to November 2021, China’s imports and exports reached 35.39 trillion yuan ($5.55 trillion), a year-on-year increase of 22 per cent, data from the general administration of customs showed.

Phased factors such as price increases that support the growth of foreign trade this year are difficult to sustain next year, especially after superimposing on the ultra-high base number in 2021, according to a report in government-controlled newspaper.

Given all these factors, it will be unprecedentedly difficult to do a good job in stabilising foreign trade next year, the vice minister said.

Fibre2Fashion News Desk (DS)





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